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<br />, <br />, <br />I <br />! <br />f <br />\,... <br /> <br />I <br />l <br /> <br />attorney duly authorized in writing, the Servicing Agent shall note and endorse the <br />redemption amount on the redemption certificate appearing hereon, and shall pay <br />said amount by check and draft of the Servicing Agent payable to the Owner and <br />either (whichever may be requested by the Owner) delivered to the Owner at the time <br />of said endorsement or mailed to the Owner at his address as shown on the <br />registration records of the Authority kept by the Servicing Agent, or at such other <br />address as the Owner may have filed with the Servicing Agent for that purpose. <br /> <br />Prior to redemption, notice of redemption shall be mailed by the Servicing <br />Agent, on behalf of the Authority, to the respective Owners of any Bonds designated <br />for redemption at their addresses appearing on the Bond registration records of the <br />Authority kept by the Sevicing Agent at least twenty (20) days but not more than <br />forty (40) days prior to the redemption date. Such notice shall state the Payment <br />Date of redemption, the total principal amount to be redeemed on such date and the <br />redemption price, and shall, in addition, set forth, in the case of each Bond <br />called only in part, the portion of the principal thereof which is to be redeemed. <br />Such notice shall also state that the interest on the Bonds or portion thereof to be <br />redeemed shall cease to accrue from and after such Payment Date of redemption and <br />shall describe the method for payment of the redemption amount as provided in the <br />preceding paragraph. Neither failure to mail such notice nor any defect in any <br />notice so mailed shall affect the sufficiency of the proceedings for the redemption <br />of Bonds. <br /> <br />This Bond is secured in accordance with the terms and conditions of the <br />Resolution, to which reference is hereby made for a specific description of the <br />security therein provided, of the nature, extent and manner of enforcement of such <br />security, and of a statement of the rights of the Owner of this Bond, to all of the <br />provi s ions of whi ch the Owner of thi s Bond, by acceptance hereof, con sents and <br />agrees. <br /> <br />This Bond and the interest hereon (to the extent set forth in the <br />Resolution) are payable from, and are secured by a pledge of Base Loan Payments and <br />other funds and moneys received under or pursuant to the Agreement as further <br />provided in the Resolution. This Bond is a special obligation of the Authority and <br />is not a lien or charge against the property or funds of th Authority, except to the <br />extent of the aforesaid pledge as provided in the Resolution. This Bond is not a <br />debt of the City of Santa Ana, the State of California, or any of its political <br />subdivisions and neither the Authority, said City, said State, nor any of its <br />political subdivisions is liable hereon nor in any event shall this Bond be payable <br />out of any funds or properties other than as hereinbefore described. Neither the <br />faith and credit nor the taxing power of said City is pledged to the payment of the <br />principal of, redemption premium, if any, or interest on, this Bond. This Bond <br />does not constitute an indebtedness within the meaning of any constitutional or <br />statutory debt limitation or restriction. <br /> <br />If an Event of Default, as defined in the Resolution, shall occur, all or a <br />portion of the principal amount of this Bond may be declared due and payable upon <br />the conditions, in the manner and with the effect provided in the Resolution but <br />such decl arat i on and its consequences may be resci nded and annull ed as further <br />provided in the Resolution. <br /> <br />EXHIBIT B <br />3 <br />